Provides relative to merger of the La. School Employees' Retirement System into the Teachers' Retirement System of La. (OR DECREASE FC SG EX)
Impact
The bill is projected to lead to operational efficiencies within the retirement systems by reducing administrative costs and redundancies. The TRSL is required to eliminate a minimum of 40 positions across the merged organizations within one year of the act's passage, which is expected to contribute to cost savings. Furthermore, the TRSL board is mandated to develop a strategy to consolidate assets and provide an estimate of these savings within a year of the merger. This change aims to enhance the stability and sustainability of the retirement funds for educators and school personnel in Louisiana.
Summary
House Bill 60 aims to merge the Louisiana School Employees' Retirement System (LSERS) into the Teachers' Retirement System of Louisiana (TRSL) by consolidating the administration of both systems under the TRSL. This legislative enactment is intended to streamline the operations of state retirement systems while ensuring the actuarial soundness mandated by the Constitution of Louisiana. Following the merger, each former retirement system will retain recognition as separate plans but will function under a unified governance structure, transitioning all rights, properties, and obligations of LSERS to TRSL.
Sentiment
The sentiment surrounding HB60 appears cautiously optimistic among proponents who believe that the merger will enhance the fiscal health of the retirement systems and provide better management of funds for retirees. However, there are concerns raised about the immediate impacts of job reductions within the administrative structures of the systems and whether the consolidation process will be beneficial for members of the LSERS who may feel their needs could be overlooked in the larger TRSL framework. This raises questions about equitable representation and adequate services for all members of the newly formed system.
Contention
Notable points of contention include the potential impacts on service delivery to members of LSERS and whether the merger appropriately balances the interests of both former systems. Critics argue that the loss of dedicated administration for the school employees’ system may lead to a dilution of services and benefits tailored to their specific needs. There is also the issue of oversight and accountability in the governance structure of the merged system, particularly in ensuring that the rights and entitlements of former LSERS members are preserved.
Provides for the incorporation of the Louisiana School Employees' Retirement System into the Teachers' Retirement System of Louisiana. (7/1/17) (EG SEE BELOW)
Provides relative to retirement eligibility for certain members of the La. State Employees' Retirement System and the Teachers' Retirement System of La. (6/30/12) (OR DECREASE APV)
Provides for enrollment of new hires of the Harbor Police Department of the Port of New Orleans in the Hazardous Duty Services Plan in the La. State Employees' Retirement System and for merger of the existing Harbor Police Retirement System into the La. State Employees' Retirement System (EN INCREASE APV)
Provides for the incorporation of the Louisiana School Employees' Retirement System into the Teachers' Retirement System of Louisiana. (7/1/17) (EG SEE BELOW)
Transfers certain family and support programs from the Department of Children and Family Services to the Louisiana Workforce Commission and renames Louisiana Workforce Commission to Louisiana Works (EN INCREASE GF EX See Note)
Creates the Louisiana Buy Local Purchase Incentive Program to promote the consumption of Louisiana agricultural products by granting incentive payments to certain restaurant establishments for purchases of Louisiana agricultural products. (gov sig) (EN SEE FISC NOTE SD EX See Note)
Modifies the Louisiana Doula Registry Board within the Louisiana Department of Health and provides for respective regulatory authority (EN +$2,495 FF EX See Note)
Provides for the transfer of UNO from the LSU System to the UL System and specifies goals for the postsecondary education delivery system for the New Orleans region (REF INCREASE GF EX See Note)